What should my Mom do?

Question

Shes sixty six and acts seventy six. She is widowed and rarely leaves her 3 bedroom house which is nice but becoming run down. She lives off $665.00 a month social security. I don't know of any job she could do. She has trouble walking fast and is very slow. It takes her over an hour to go the grocery store a mile a way and she only gets $4 worth of stuff. She has a 2003 Tracker which cost her $290 a month. She owes $5500 and pays 14% interest. Her insurance on the tracker is $90 a month. That leaves her $285 for food and cigerettes and her phone bill. I pay her electric and water and some food. I think she should sell the tracker or let it go back. It's in excellent shape with only 55K. She is very mad me for suggesting this. She also says she can save $175 a month for a tombstone which will cost $800 but she hasn't saved any. My brothers don't help. I'm so stressed with her.

Her house is paid for.

She only gets $9 food stamps. She doesn't have rent and for one person they consider her to capable of buying food. Its the tracker and the $45 a month interest that I don't think she needs. I have a 98 blazer that runs that I can just give her but the tracker was her and her late husbands.

Answer 1

I think you should continue what your doing and maybe do a little shopping for her once in a while. Maybe by her a nice gift once in a while to make her feel some happiness. You should also talk to her about her smoking habit, because that will save her loads of money.

Answer 2

Have her consider selling the house and selling the Tracker. She can move into an over 55 year old community residence (apartment) and use the proceeds from her house to generate interest income of at least 5% in a safe money market mutual fund. Since she will not have a car after the sale, she can use a bus service typically offered to residents to travel to the store or a local mall. She will save a lot of money on the car payment, gas, insurance and interest on the car. In addition, since you say the house is run down that means things are going to start to break and she will have to shell out a lot of money for maintenance. I am not sure what her annual taxes for the house are, but she can use that to help pay for the rent. She should come out ahead and in a much better financial position. Best of luck to you and your mom.

Answer 3

Your mother sounds depressed and quite possibly ill. She's planning for her own death more than she is planning for the future. Has she been to a doctor lately? Considering she's a 66 year old smoker, she probably has severe health issues.

Regarding the Tracker, try to refinance it through a credit union. They can give her a much lower rate, around 6%, and that will help her pay off the vehicle more quickly. Selling the car will take away her independence and that will certainly do her in.

She clearly isn't worried about the future, which again, leads me to believe she may be VERY sick and just afraid to go to the doctor for diagnosis.

Answer 4

If she owns the house...she can get what is called a reverse mortgage. She would get an increased income that basically is taking equity out of the house, but could provide her with additionaly income. So, they could take $300 a month and give it to her each month. Each month, her house has $300 less of equity in it. So, after she passed away and the house was sold, a portion of the home sale would then go to the bank. I don't know how this works and my understanding is that it isn't for everybody. But it might be an option you might want to look into.

Answer 5

If her home is paid for, have her look into a reverse mortgage. This will provide additional money for her to live off.

She should probably quit smoking as well. Besides the health concerns, if she smokes a pack a day, with average prices being probably 3 bucks a pack, she is spending 91.25 a month. That is tombstone money right there, that she wont need as soon.

Answer 6

Have you checked with the county social services in your area? Maybe your mother is eligible for some help with food stamps -- I don't know if her expensive car will make her ineligible, though, but sometimes elderly are not bound by the same guidelines as the working poor.

What did you mother do when she worked? Or is she drawing social security from her spouse(s)?

It is certain that the other siblings are not pulling their weight -- you should demand it or you should ask your mom to ask them. This is not totally your burden.

Good luck.

Answer 7

Maybe she could get a roommate? Rent part of the house out for additional income. Just check backgrounds and be careful as to who you pick, but maybe she could find someone her own age to help out with other things as well. Who knows, that might be all she needs is someone to motivate her to get out and do some things. If nothing else the income will help. Just be careful as to who you pick, it's ok to be picky, this is your mother. Good Luck.

Answer 8

sounds alot like my mom if i were u id let ur mom do as she wants as she may as well b happy as time is all she got indepedence is alot to older pepole money wise she shold let vechile go if u cant afford 2 buy thing 4 her monthly then u should stop and if thats the case mom is being selfish! my mother is exact age would love 2 chat w u about our parents i 2 got a younger bro dosent do much either but push herwheelchair 2 local bar and drink w her

Answer 9

If she's living solely off her SS, she should be able to qualify for food stamps, too. That should ease a little of the financial strain. As for the rest of it, unless you can prove she's mentally incompetent, you're going to have to let her live her life her way.

Answer 10

You mother is old. Leave her be. She's probably happy as she is.